Passwordless Authentication Market by Offering, Method, Authentication Type, End-user

List of Tables

The Passwordless Authentication Market was valued at USD 9.44 billion in 2023, expected to reach USD 11.41 billion in 2024, and is projected to grow at a CAGR of 22.14%, to USD 38.31 billion by 2030.

Passwordless authentication, a transformative approach to cybersecurity, removes the reliance on traditional passwords by utilizing alternatives such as biometrics, hardware tokens, and mobile devices for secure access. This technology emerges from the necessity to bolster security, enhance user convenience, and reduce the vulnerabilities associated with password theft and phishing attacks. It finds application across various domains, including banking, enterprise sectors, healthcare, and consumer electronics, where secure and seamless authentication processes are paramount. The market for passwordless authentication is propelled by factors such as rising cyber threats, increased smartphone penetration, and regulatory compliance requirements emphasizing data protection. Additionally, the growth of IoT devices and cloud computing has created further demand for robust security mechanisms, paving the way for passwordless solutions.

KEY MARKET STATISTICS
Base Year [2023]	USD 9.44 billion
Estimated Year [2024]	USD 11.41 billion
Forecast Year [2030]	USD 38.31 billion
CAGR (%)	22.14%

Opportunities in this market include the development of advanced biometric solutions, such as facial recognition and behavioral biometrics, and the integration of artificial intelligence to enhance security measures. Companies can capitalize on these opportunities by investing in research and development to create innovative authentication methods that offer a balance of security and user experience. However, challenges such as high implementation costs, integration complexities with existing systems, and concerns about privacy and data breaches may hinder market growth.

To overcome these challenges, businesses should focus on developing cost-effective, scalable solutions and promoting education on the benefits and operation of passwordless systems to build user trust. The best areas for innovation include improving the accuracy and speed of biometric verification, exploring decentralized identity solutions, and enhancing interoperability between different authentication systems. The passwordless authentication market is dynamic and competitive, necessitating continuous innovation and adaptation to evolving security needs. By understanding these market dynamics and strategically navigating challenges, businesses can successfully leverage passwordless authentication technologies to drive growth and enhance cybersecurity frameworks.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Passwordless Authentication Market

The Passwordless Authentication Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Significant adoption of multifactor authentication
- Need for a more secure and better user experience in BFSI
- Inclination toward biometric passwords
Market Restraints
- Deployment cost and limitations in security measures
Market Opportunities
- Increasing investment in businesses' data security measure
- Advancements in touchless authentication
Market Challenges
- Concerns related to end-user skepticism

Porter's Five Forces: A Strategic Tool for Navigating the Passwordless Authentication Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Passwordless Authentication Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Passwordless Authentication Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Passwordless Authentication Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Passwordless Authentication Market

A detailed market share analysis in the Passwordless Authentication Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Passwordless Authentication Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Passwordless Authentication Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Passwordless Authentication Market

A strategic analysis of the Passwordless Authentication Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Passwordless Authentication Market, highlighting leading vendors and their innovative profiles. These include 1Kosmos Inc., Authentiq, Beyond Identity, Cidaas by Widas ID, Duo by Cisco Systems, Inc., EmpowerID, Inc., Entrust Corporation, Fujitsu Limited, HID Global Corporation by Assa Abloy AB, IDEE GmbH, Identite, Inc., International Business Machines Corporation, Keyless Technologies, LastPass US LP, LogMeOnce, Microsoft Corporation, NEC Corporation, Okta, Inc., OneLogin by One Identity, Ping Identity, Prove Identity, Inc., PureID, Salesforce, Inc., Secret Double Octopus, Stytch, Inc., Thales Group, Trusona, Ubisecure, Inc., Veridium, and Yubico AB.

Market Segmentation & Coverage

This research report categorizes the Passwordless Authentication Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Offering, market is studied across Hardware, Services, and Software.
Based on Method, market is studied across Biometrics, Hardware token, Magic link, Native options, Smart card, and Software token.
Based on Authentication Type, market is studied across Multi-factor authentication and Single-factor authentication.
Based on End-user, market is studied across BFSI, Consumer Electronics, Energy & Utilities, Government & Law Enforcement, Healthcare, IT and ITeS, Manufacturing, and Travel & Hospitality.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-961BA04A2E8E

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Significant adoption of multifactor authentication
  - 5.1.1.2. Need for a more secure and better user experience in BFSI
  - 5.1.1.3. Inclination toward biometric passwords
- 5.1.2. Restraints
  - 5.1.2.1. Deployment cost and limitations in security measures
- 5.1.3. Opportunities
  - 5.1.3.1. Increasing investment in businesses' data security measure
  - 5.1.3.2. Advancements in touchless authentication
- 5.1.4. Challenges
  - 5.1.4.1. Concerns related to end-user skepticism
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Passwordless Authentication Market, by Offering

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software

7. Passwordless Authentication Market, by Method

7.1. Introduction
7.2. Biometrics
7.3. Hardware token
7.4. Magic link
7.5. Native options
7.6. Smart card
7.7. Software token

8. Passwordless Authentication Market, by Authentication Type

8.1. Introduction
8.2. Multi-factor authentication
8.3. Single-factor authentication

9. Passwordless Authentication Market, by End-user

9.1. Introduction
9.2. BFSI
9.3. Consumer Electronics
9.4. Energy & Utilities
9.5. Government & Law Enforcement
9.6. Healthcare
9.7. IT and ITeS
9.8. Manufacturing
9.9. Travel & Hospitality

10. Americas Passwordless Authentication Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Passwordless Authentication Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Passwordless Authentication Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. 1Kosmos Inc.
2. Authentiq
3. Beyond Identity
4. Cidaas by Widas ID
5. Duo by Cisco Systems, Inc.
6. EmpowerID, Inc.
7. Entrust Corporation
8. Fujitsu Limited
9. HID Global Corporation by Assa Abloy AB
10. IDEE GmbH
11. Identite, Inc.
12. International Business Machines Corporation
13. Keyless Technologies
14. LastPass US LP
15. LogMeOnce
16. Microsoft Corporation
17. NEC Corporation
18. Okta, Inc.
19. OneLogin by One Identity
20. Ping Identity
21. Prove Identity, Inc.
22. PureID
23. Salesforce, Inc.
24. Secret Double Octopus
25. Stytch, Inc.
26. Thales Group
27. Trusona
28. Ubisecure, Inc.
29. Veridium
30. Yubico AB